KBC: mixed publication punished on market

(CercleFinance.com) - On Thursday, KBC announced a stronger-than-expected rise in Q2 profit, while trimming its net interest income target for 2023, which weighed on its share price in early trading.


The Belgian bancassurance group still expects to post revenues of around E11.15bn this year, although has reduced its net interest income target, which is now expected at around E5.6bn, instead of E5.7bn previously.

The group justifies its cautious stance by pointing to the rising cost of minimum reserves held with central banks, and the increased subordination and financing costs of its wholesale and corporate business.

Overall, operating expenses are still expected to reach around E4.75bn for the year.


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